Bank So­har plans RO100mn per­pet­ual bonds is­sue

Muscat Daily - - BUSINESS -

Bank So­har will seek share­hold­ers ap­proval for the is­suance of ad­di­tional tier 1 cap­i­tal in­stru­ments in form of per­pet­ual bonds through a pri­vate is­sue of RO100mn. This was an­nounced by the bank in a dis­clo­sure filed with the Mus­cat Se­cu­ri­ties Mar­ket on Sun­day.

Bank So­har board in­vited share­hold­ers to at­tend an ex­tra­or­di­nary gen­eral meet­ing (EGM) to be held on Au­gust 13 to ap­prove the is­suance of ad­di­tional tier 1 cap­i­tal in­stru­ments in the form of per­pet­ual bonds.

The ag­gre­gate RO100mn bond is­suance will in­clude orig­i­nal of­fer of RO70mn and RO30mn as green shoe op­tion, ac­cord­ing to Bank So­har’s dis­clo­sure state­ment.

The bank’s EGM will also con­sider to au­tho­rise the board of di­rec­tors to take all nec­es­sary ac­tions to ex­e­cute Clause No 1 and take all mea­sures to ob­tain all nec­es­sary ap­provals from con­cerned au­thor­i­ties.

Bank So­har re­cently re­ported a 31.2 per cent growth in net profit for the six months pe­riod ended June 30, 2017. Its net profit rose to RO11.56mn in the first half of this year com­pared to RO8.81mn in the same pe­riod of 2016. Bank So­har’s net loans and ad­vances grew by 11.9 per cent to RO1.99bn as of June 30, 2017 from RO1.78bn a year ago. Cus­tomer de­posits grew by 11.36 per cent to RO1.66bn from RO1.49bn.

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